Badly burned by investing

Amazing attitude, and not blaming the banks, the lawyers, the market or the man down the road. kudos to you.

Putting all the niceties aside though, as @Xenia said, what will you do differently in the future? That's the only thing that'll make any difference.

Welcome to the forum and onwards and upwards from here.

 

Oh well we did have some bad luck thrown in so I will blame that a little. Builder went into liquidation on 2 builds which then took 24months to complete one and the other we were left with an incomplete house! That didn't help at all. Where to from here is too early to say at this point but when the time comes I will be doing things very differently.

 

Mid 40 is the peak of your awesomeness. The chicks dig it. This is one reason my wife is so concerned

 

Some times it just pays to step back and have a look,and as age is only a number ..And as you are thinking that way to plan ahead then in a few years time looking back this will just be a bump in the road..

 

Sorry to hear that, hopefully you can offload the Dysart place and start to turn things around. Once you have built some equity in your Brisbane place it might even be worth selling and clearing some of the other debts. Then start again with a clean slate.

 

I am a 'chick'

 

Indeed a great attitude, on ya! Great response from the forum too

What's the plan going forward?

 

Mid 40's is actually the peak of your wife's awesomeness - you should be more concerned than she is

 

Bounce read any of @Kate Moloney post, was featured on 60 minutes, got badly burnt buying in mining towns. Lessons to be learnt I guess

All the best

 

no sleep for the wicked.

With that positive attitude, things will only get better from here Bounce. And i am looking forward to hear you bounce back to the top. See what I did there?
Dad joke?

 

Thanks and I did choose that name for that exact reason

 

Thanks MTR and Yep I have talked to Kate a couple of times. Her situation is much worse!

 

Totally agree

 

Sell PPOR and go from there

 

Welcome @Bounce - not everyone makes good decisions in their 30s - the lure of a quick buck puts the blinkers on for many people. There are plenty of people on here that have a cluster **** in their younger years and gone on to right it and move on.

Mortgage brokers are not allowed to give financial advice unless they have a license and that is where many an investor can be led astray. There is a big difference between showing some strategy outcomes and financial modelling and actual specific financial advice. Financial Advisors came under a lot of scrutiny due to kickbacks and for not actually looking after their clients best interests. That scrutinising led to a regulation and licensing of that field - which is a good thing - as you have found out when unregulated and unlicensed people give financial advice it can lead to poor choices.

I'm glad you have reached out and happy to share some of your hindsight learnings - by the way hindsight is amazingly clear - so don't bash yourself up too much over what decisions you made at the time. They were made and now you are working on a way to go forwards and upwards.

 

Best answer ever!

 

Thanks Westminster, you are so right the thing that hurts the most is that we were very close to owning our PPOR which is worth $850k now and the reason we started investing was to pay the mortgage off faster.....how that backfired for us. ....big time! Anyway negative thoughts aren't productive so enough of feeling sorry for myself. Thanks for your feedback

 

Hey @Bounce I feel your pain but moving forward, though hard at times, is all you can do and focus on. Stay strong and I really hope your positive attitude and lessons learnt all pay off for you in the near future. Thanks for sharing

 

Welcome! You are in the right place to study up for round 2! Any idea on timeframes for when you will be ready to get back into the market??

 

Hey Bounce, good on you for having the positive attitude.
Hang in there!